Bloomberg: LightSquared Has Tentative Bankruptcy Plan

Bloomberg reported that bankrupt Lightsquared has come to a tentative agreement on a plan of reorganization, which would grant majority ownership to JPMorgan, Fortress Investment Group and Cerberus Capital Management, citing a lawyer.

Bloomberg said Philip Falcones’ Harbinger Capital Partners would, under the proposed plan, retain a small stake in the wireless broadband company. However, according to lawyer Joshua Sussberg, this will only work if the company exits bankruptcy by Sept. 30, Bloomberg noted.